Estimate that GDP increased by around 5 percent over 2021 and are expecting GDP growth of around 4¼ per cent over 2022 and 2 percent over 2023.

Upswing in business investment is also under way.

The board is prepared to be patient.

Macroeconomic policy settings are supportive of growth.

We have scope to wait and see how the data develop and how some of the uncertainties are resolved.

I recognise that there is a risk to waiting but there is also a risk to moving too early.

Forward-looking indicators suggest further growth in jobs over the months ahead.

Moving too early could put employment goal at risk.

Main source of uncertainty about the outlook continues to be  covid-19.

Stronger the economy and the more upward pressure on prices and wages, the stronger will be the case for an increase in interest rates.

Sharp pick-up in inflation in parts of the world, especially in the united states, has come as a surprise and is an additional source of uncertainty.

Too early to conclude that inflation is sustainably in the target range.

We expect a further lift in underlying inflation.

Further pick-up in overall wages growth is expected.

It is entirely possible that countries with higher inflation rates will need a bigger adjustment in interest rates than currently anticipated.